US Non-Farm Payrolls at + 50K (small) miss, Market Reactions – Get ready for Supreme Court Tariffs Decision!

[Ben Graham]

US Non-Farm Payrolls release at +50K – A slight miss to the +60K Expectations

This takes the Unemployment Rate, most favored data since the Bureau of Labor Statistics shutdown affected data, to 4.4%, lower than the 4.5% expectations and lower than the past month.

Unrounded numbers show 4.375% vs 4.564% prior. Participation Rate is also slightly lower.

Average Hourly Earnings at 0.3% M/M and 3.8% Y/Y, a bit higher than expectations on the Y/Y number.

The report provides even less reasons for the Fed to cut rates in end-January.

You can get full access to the report right here.

Don't Forget that Markets will await the Supreme Court Tariffs Decision at 10:00 A.M.

It seems that traders are reacting counterintuitively to a not-so-dovish number with the Dollar falling, Gold rallying.

Keep an eye at the end of the hour and the 9:30 Market Open to see if such reactions fade.

Check out Market reactions:

US Dollar (Dollar Index DXY)

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DXY 15 min Chart – January 9, 2026. Source: TradingView

Gold (XAU/USD)

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Gold (XAU/USD) 15 min Chart – January 9, 2026. Source: TradingView

Pre-open Dow Jones (Futures and CFD)

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Dow Jones 15 min Chart – January 9, 2026. Source: TradingView

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